|Day Presenting:||Monday 29 October|
|Session||Concurrent C1- Finance and Funding|
|Presentation Title||Optioning up the car-prepaid services and accommodation under consumer directed care|
|Position Title||Managing Director|
Regis tried and failed to diversify its revenue stream with the Asset Refurbishment Charge. Does this mean providers of residential and home care services are captive to the rates set by the government and subject to ever declining margins? Or as when you purchase a new car is there an opportunity to be innovative in the way you package add-on services to your customers.
This session will explore how aged care providers can learn from the business models of airlines, telcos and car sales. We’ll dive into issues like disaggregation, bundling, segmentation and companion selling to explore the flexibility and opportunity around alternative business models in a Consumer Directed Care environment.
We’ll discuss the key findings in the Regis case and how this can be used to develop alternative revenue streams. Then we’ll show how a structured approach to additional services can work. Lastly, we challenge delegates to consider a lump sum payment model for accommodation and additional services.
The opportunities are significant;
In the home care space 78% of those assessed for care are receiving less funding from the Govt then their care needs suggests. This represents a huge opportunity for companion selling of privately funded care.
Knowing that consumers pay a premium for benefits over features what opportunity is there in residential care to switch the focus from features to benefits and price these accordingly.
Building on the success achieved by Pride Living clients we’ll share how an innovative approach to these issues can add between $2,000 and $5,000 EBITDA per bed to a Providers bottom line.
Providers will see practical examples of business models that will enhance their bottom line, the sustainability of their operations and more importantly impact in a positive way on the capital value of their operations.
At a time when the squeeze is well and truly on providers have three choices, they can
-Make it happen for them
-Watch it happen for others or
-Ask what happened when they realise they’ve been left behind.
As with all presentations, there will be significant knowledge transfer including, reference to tools & templates that delegates may find useful.
A recognised speaker and commentator on the sector, Bruce is the Managing Director of Pride Living Group a specialist consultancy to the Aged Care & Retirement Sectors.
He was formerly a Partner with RSM Australia where he was National Head – Aged Care and Retirement Advisory Practice.
He has more than 25 years’ experience in professional
practice with a particular focus on aged care, health industries.
He is Non-Executive Director of RSL LifeCare Limited.
Bruce has worked with Government and providers across Residential Care, Home Care and retirement living, including Listed, For-Profit, Church and Charitable, Community and Local Government owners.
He has a chest full of war stories of good and poor business models in aged care.
He regularly provides updates and reviews to executives and Boards on strategy.
Bruce is recognised as a thought leader on business models in the sector